Bangladesh on right track to become a trillion-dollar economy by 2035: Momen

Foreign Minister AK Abdul Momen on Thursday laid emphasis on stronger partnership and collaborations, noting that Bangladesh is moving towards the right direction to become a trillion-dollar economy by 2035.

"We have potential to become an international business and manufacturing hub and it is time we start creating narratives which would allow Bangladesh platforms to become global incubators for innovation and entrepreneurship," he told a luncheon meeting.

Momen said Bangladesh will have to address the challenges and it is important to have stronger partnership and collaborations.

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) hosted the networking luncheon at a hotel in Dhaka.

FBCCI will be organising "Bangladesh Business Summit 2023" from 11-13 March to celebrate the 50 years of establishment of this apex trade body.

Commerce Minister Tipu Munshi spoke as a special guest. FBCCI President Md Jashim Uddin, among others, spoke at the event.

Speaking as the chief guest, Momen said Prime Minister Sheikh Hasina followed Bangabandhu's footsteps and established Bangladesh as a "vibrant economy" and a "land of opportunity" today.

In fact, he said, PM Hasina has launched a new vision for today's world – ensuring food, clothing, shelter, education, health services, welfare of the people and right to vote by maintaining friendship, peace and stability with all.

"I call this philosophy "Hasinanomics," Momen said, adding that she introduced four driving forces to achieve Hasinanomics – digital Bangladesh, innovation and creativity development; entrepreneurship and individual Initiative and free market liberal enterprise. As a result, our economy stands on a solid foundation.

The foreign minister said they are working with their best possible calculations to stabilise their production ecosystems and keep trade and investment flowing.

"Bangladesh is doing what the prime minister very correctly described as 'striking a balance between life and livelihood' and making Bangladesh a hub of connectivity, as connectivity is productivity," Momen said.

He remains optimistic that the event will help them reach out to international business communities and uphold their efforts in strengthening their global connections for finding win-win paradigms for the economic prospect of Bangladesh.

Under the leadership of the prime minister, Momen said, Bangladesh has become a middle income country and is making "robust strides" to become a developed one by 2041.

Recent IMF data shows that in terms of nominal GDP, Bangladesh's economy is the 35th largest economy, he said, adding that, "This is a big achievement for us."